Understanding Good Faith Authorization Charges
Overview
What is a Good Faith Authorization Charge?
A Good Faith Authorization Charge is one of several security measures that Ashland Auction Group takes to help establish prospective buyers as bona fide bidders. This charge is a hold on your credit card. Since it is not a deposit, it will not go towards the purchase of the property. If you win an auction, you will be required to tender a deposit via certified funds.
The Auction Ended – Now What?
The winning bidder will be required to post the initial deposit amount, as specified within the terms of the sale. Once the winning bidder signs a contract of sale and tenders a deposit, their Good Faith Authorization Charge will be released.
What happens if I didn’t win?
Unfortunately, there can only be one winner. We appreciate your business and will initiate a release of the hold once the auction ends. Depending on your banking institution, it can take up to two days to have the hold removed and available. Once the hold from any non-winning bidders is released, the funds will become available immediately. In some cases, a release of the Good Faith Authorization Charge may take longer.
Frequently Asked Questions
What is the purpose of a Good Faith Authorization Charge?
All bidders are required to post a Good Faith Credit Card Authorization Charge to establish themselves as a bona fide bidder.
Is the Good Faith Authorization Charge a deposit?
What payment forms are accepted for the Good Faith Authorization Charge?
How do you securely collect credit card information?
Our vendor is Payment Card Industry Data Security Standards (PCI DSS) compliant. By using a merchant that is PCI DSS complaint, they ensure that your personal information is kept encrypted and secured – from acceptance, processing, storage, and payment transmission.
What happens if I don't have a credit card?
In most cases, prospective buyers are able to make alternate arrangements. Given advanced notice, we are usually able to accommodate the acceptance of deposit via certified funds in lieu of a Good Faith Authorization Charge.
Please call 410-488-3124 and ask to speak to a Customer Service Representative about signing an escrow agreement and posting a deposit in lieu of a Good Faith Authorization Charge.
